Bank confiscation in Cyprus
 

Depositors may have to take a 6.7 to 10% haircut on all deposits. Scary stuff:
Cyprus parliament delays vote on deposit levy to Monday | Reuters

Makes Ben the Counterfeiter seem almost decent, especially since his scumbagry is easier to protect against via investment.

No Prosecution
 

of the Banksters and other Wall Street Types is the BASIC problem...
AND allowing the Goniffs to get off,ONLY emboldens them further.

I can guarantee you that as soon as a few heads appear on pikes,
on Manhattan Island,Zurich,Etc.,Etc.,Etc. the "Affliction" will be Cured!

Quick,Cheap,Effective!

It's real hard for some Private Mortgage Banker to interest y'all in a Bag
of Cat Poo
(With a pretty yellow Ribbon)
[That he/she SAYS is a Mortgage Backed Security]
If they're so terrified they're peeing in their silk stockings!

During the start of the Great Depression I had several relatives take a 100% haircut on their deposits when the banks they had their money in failed.

@Compress Ignite -
Not knowing Cyprus well, I have no idea what their basic economic problem is -- was it a property bubble + malfeasance as in the US, or something else entirely (culture of tax evasion + handouts, for example).

Not sure about the "French razor" as medicine -- studies haven't shown that the possibility of execution acts as a good deterrent.

O.K. Forget "Prevention",Go Straight for the Cure.
 

Let it be forever Legal in every Jurisdiction to hunt down and Eliminate
(By the Mob's choice of Slaughter)
All Commercial Financial Types.

F**K reliance on Terror as a deterrent,Solve the problem Forevermore.

"Show me one who claims to have need of the perfidy of Banksters, His/Her OTHER face is that of a Lobbyist."

'Not a Bad Idea THAT,to include ANY form of Lobbyist in the Elimination Scheme.

'Listen to this Fantasy,next I'll be suggesting we eliminate "Government By Thievery" (As Practiced in CONUS Today)
AND allow everyone to Vote Online, Once a Week on All Matters.
There would GO Both Congress and the Nine Quacks.

What do you propose to replace the financial system with? Barter? Gold?

I rather like to be able to pay with checks/bank-notes/credit cards rather than carrying a block of gold or driving around with a carload of stuff for barter. "Ten gallons of gas will cost you that chair strapped to your roof, sir."

No need to replace the system, just round up, fatten and eat the honchos, and then the ones that replace them. Pretty soon the message will get through. We can have insurance execs for dessert.

Place was a money laundering site for questionable Russian funds. Probably 20-30 billion (out of 80 billion deposits) in Russian funds in those banks. Keep an eye on this one and see what happens in Italy. This has potential to be very bad, everywhere. All the ATMs in that country were emptyed out in hours when word got out of the plans. Now it looks like a week long bank holiday while the government there figures out what to do.

Cyprus confiscation
 

What is the difference between a 10 percent confiscation and 20 percent inflation?

10% confiscation only targets depositors.

20% inflation via the Bearded Counterfeiter is easier to defend against via owning stocks (including shares of REITs), since it's not instantaneous.

Don't worry, it would never happen here. (whistles in graveyard).

Closer to home, is anyone following last weeks report on Citibanks handling of the "London Whale?" Is Citi too big to go to jail?

Cyprus's problem I guess it would be one of two things. One might be out of control government spending and budget deficits or two a limited government with a balanced budget. Which do you think it is? Politicians buying votes with other peoples money just like here. No one can say that Cyprus spent to much on their defense department or war machine.

Listening to BBC world Service and watching CSPAN Today
 

It seems LOTS of the deposits in Cyprus are Russian private Moneys which were put there for safekeeping as Cyprus is an E.U. member.
(Like 80 Billion dollars worth)
Y'all can ONLY imagine all the Skulduggery involved in THAT mess.

Watching senator Levin's committee on CSPAN this afternoon,it's plain that
Officials at the Comptroller of the Currency dropped the ball on Bank
Scrutiny!
But the Bank's Senior President ordered the minion banksters to stop providing
Financial information to the C.Of C.